NATCHEZ — Local business leaders have committed to help fund a renewed economic development engine to the tune of more than $117,000 a year for the next three years.

And the fundraising isn’t over yet.

The private sector funding is a key component to a renewed economic development plan created by Boyette Strategic Advisors and presented to the community in December.

“It’s a sign that people are ready for positive progress, and they are willing to put their money, time and effort toward it,” local real estate broker P. Glenn Green said.

The Boyette study reviewed the success of the current Economic Development Authority and suggested dissolving the existing group and creating a new one called Natchez Inc., which would be led predominantly by the local business community.

Natchez Inc. would receive funding from the city and county governments and private donations.

The Boyette plan called for a minimum private sector funding of $115,000 annually, with the City of Natchez providing $100,000 and Adams County giving the group $165,000.

Perkins said the private sector group’s membership is currently on the rise.

“That original group was about six or so people, and that group has grown to about 20 people,” said First Natchez Radio Group CEO Margaret Perkins.

Green said each week brings new supporters.

“It’s steadily growing week by week and people are saying they would like to have a say so,” Green said. “We don’t want just financial support from people. We want their brains and experience to help guide this group in going forward.”

Green said the growing interest in the private sector’s fundraising efforts is an indicator that the time is right for economic development reform in the county. Further he said the area’s state legislators are ready to support the plan, but are just waiting on the city and county to send legislation up to dissolve the existing EDA and form the new one.

“Representatives from (Mississippi state legislature) were here (Monday) morning telling us they were ready,” Green said.

Supervisor President Darryl Grennell said the news of the private sector’s fundraising abilities was good news for the restructuring plan.

“That is impressive,” Grennell said. “That is a strong indicator that the business community is ready to move forward, which means that the government needs to go ahead and move forward.”